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ETC (Ethereum Classic)

August 07, 2018 16:28

Updated

1. What is Ethereum Classic

Ethereum Classic is the IFO (Initial Fork Offerings) of ETH.

In July 2016, the split between ETH and ETC occurred after THE DAO incident that was under attack and was transferred to an assigned account by hackers while raising funds, which caused the misplacement of transaction history records.

Most ETH developers and investors participated in the split; however, some participants didn’t want to abandon the old transaction records, so a group of miners continued using the original blockchain as an objection. They claimed that the IFO is a bailout of The DAO; thus ETC was created.

2. Details

English Name: Ethereum Classic

English Nickname: ETC

Developer: Ethereum Classic Team

The Core Algorithm: Ethash

Day of issue: 2016/7/20

Block time: About 15-17s/block

Total Circulation: Fixedly issuing 210 million, no more than 230 million. Diminishing 20% per 5 million blocks. The first diminishing time is held on Dec. 2017.